We specialize in mortgage consulting for the former Great Britain nationals or foreigners buying property all over the world either for permanentresidency or as a second home or for investment. We work as mortgage brokers to find the most suitable and competitive mortgage scheme.
When it comes to buying propertyabroad, the main thing is to get prepared.First off all, you need to have an accessiblebudget. It is necessary tocalculate required deposits, current and future exchange rates, the total fundsvalue, solicitors’ expenses and taxation before considering any potentialproperty.
Mortgages can be approved in advanceand it can save time and money. It canbedonewiththehelpofthe “Feedback” service. Oneof our representatives will contact you within 24 hours. Our manuals on buyingproperty will explain you the whole process of buying property in the chosenregion, who is involved in this process and the time period.
Foreign property mortgageis usually accessible with the minimum loan of 70% from the total price and up to 30 years although there are someexceptions. The USA property does not normally have any age limits while inother countries it can be up to 70-75 years. Mortgage is usually based on thesolvency and proving of income. As a rule, the ratio of debt to income shouldnot exceed 36%, althoughthere are exceptions. For some loans limiteddocumentation is required. To check the current criteria on credit grantingplease contact us.
Mortgage credit can be inlocal currency, but in some cases multicurrency mortgage can be accessible. Themortgage currency is normally determined by the income currency used forfinancing. A qualified representative will analyze all the possible options andwill offer you the most suitable mortgage scheme.
As a rule it isnecessary to open an account in a local bank to make all the local payments, topay taxes, household costs etc. Some creditors also require that you have mortgage payments on your account during 6months. You might also be asked to have an account and to cover the costsseasonally. It means that you will have to show the source of your income whichnormally covers the period for the last 60days.
Exchange rate caninfluence buying property abroad. Normally accounts and closed payments shouldbe changed from your local currency into the currency of the country you aregoing to buy property. It will be thoughtful of you to register at the ExchangeCompany as funds can be bought 18 months in advance. It is especially effectivein case of construction in process as it gives the opportunity to fix theprice.
Closed payments are the payments related to buying such as taxes, insurance which shouldbe initially written in the illustration. It can change depending on the placeyou are buying property.
Mortgage broker expensesnormally cover 1% of the mortgage amount and should be discussed in detailespecially if the process of buying consists of several parts.
Finally, we came totaxation which is imposed not only on income but also on increase of capital.Mortgage percentage and other expenses are usually compensated at theirexpense. But you should consult a tax specialist and use the services of alocal accountant.